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Britons shun regular financial advice despite downturn

Britons are failing to seek regular advice from their financial adviser, despite turbulent markets looking set to continue, according to Zurich.

Research from the insurer reveals approximately one third of Britons contact their adviser less than once a year, while just over a quarter speak annually.

Less than one fifth of people speak to their adviser every six months, with just over one tenth meeting every three months, despite plenty of opportunities for advisers to help clients weather the economic storm of late.

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Zurich's survey also found women are less likely to keep in regular contact with their adviser than men, with nearly a quarter of women seeing their adviser less than once a year, compared to a third of men.

Mortgage-free Britons are likely to see their adviser more often, with nearly a third meeting at least once every six months. However, nearly half of people with mortgages see their adviser less than once a year.

Guidance on investments and savings are the most popular areas of financial advice with over half of people seeking help from their adviser. Just over a third of people want advice on mortgage deals, closely followed by pensions and retirement planning. Yet, less than a quarter seek help from an adviser concerning protection.

Of those who get professional advice, over two thirds of people surveyed said they would recommend their adviser.

Tony Solomon, business development director at Zurich Life UK, believes more must be done to encourage people to build closer relationships with advisers and ensure people seek regular advice to help plan their financial futures.

"As the economic outlook remains uncertain, there is a real opportunity, now more than ever, for advisers to add value and demonstrate their expertise.

"This will ensure their clients are as financially prepared as possible in these challenging times," he adds.